Atlas Lab plans to set up second pharma plant

Chandigarh: Having diversified into pharma sector last year, Atlas Group (Gwalior) plans to set up its second pharmaceutical unit and research and development facility with an estimated investment of Rs 500 crore.

'We have plans to set up another unit either in Himachal Pradesh or Uttarakhand but we have not yet decided the location,' Atlas Laboratories and Pharmaceuticals Executive Director Mr Ashwin Kapur said.

The company is studying the market for manufacturing herbal medicines, hormonal drugs and oncology segments. 'The second facility would be used for making medicines for one of these segments,' he said.

At present, the company has a manufacturing plant at Hardwar in Uttarakhand with an investment of Rs 100 crore. To the fund the next stage of expansion programme, the company is open to several options including launching an IPO, private equity placement for raising money, he said.

The company is also looking to tap the export opportunities in a big way. 'We will WHO certification within one and half months which will enable us to export our products,' he said, adding, 'we will initially look at African, Russian and Middle East cou ntries for exporting purposes'.